Lancaster Manufacturing Company had a beginning finished goods inventory of $85,000 on January 1, 2022. The ending finished goods inventory on January 1, 2023, was $72,000. The cost of goods manufactured for the fiscal year 2022 was $420,000. Using the given information, calculate the cost of goods sold for Lancaster Manufacturing Company for the fiscal year 2022.
Lancaster Manufacturing Company had a beginning finished goods inventory of $85,000 on January 1, 2022. The ending finished goods inventory on January 1, 2023, was $72,000. The cost of goods manufactured for the fiscal year 2022 was $420,000. Using the given information, calculate the cost of goods sold for Lancaster Manufacturing Company for the fiscal year 2022.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...
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General Accounting
Transcribed Image Text:Lancaster Manufacturing Company had a beginning finished goods inventory of
$85,000 on January 1, 2022. The ending finished goods inventory on January 1,
2023, was $72,000. The cost of goods manufactured for the fiscal year 2022 was
$420,000.
Using the given information, calculate the cost of goods sold for Lancaster
Manufacturing Company for the fiscal year 2022.
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